PTTEP’s 2Q19 Profit Soars Near 3 Times to Record at ฿13,684m, Paying ฿2.25 Dividend!

PTT Exploration and Production Public Company Limited (PTTEP) has reported its 2Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

PTTEP recorded a net profit in the second quarter of 2019 at THB 13,684 million, increased 284% from the same quarter of last year at THB 3,590 million and 10% from the previous quarter.

The reason was primarily due to an increase in sales revenue of THB 5,561 million from increases in both average sales volume and selling price, while income taxes expenses and petroleum royalties increase of THB 3,002 million due to an increase in sales revenue. Besides, PTTEP recognised an increase in administrative expenses of THB 1,074 million, mainly due to professional fees, consulting fees and recognition of the additional compensation for the employee being laid off by the employer after serving 20 years or more in accordance with the new Labour Protection Act which was effective in May 5th, 2019.

In the 2Q19, PTTEP recorded a net gain of foreign exchange for a total of THB 827 million instead of a net loss from foreign exchange in 2Q18 at THB 973 million.

For the six-month period ended June 2019, PTTEP had a net profit of THB 26,133 million, an increase of THB 9,213 million or 54% when compared with the six-month period ended June 2018 of THB 16,970 million. The net profit for the six-month period ended June 2019 can be separated as the profit from normal operation of THB 24,110 million and gain from non-recurring items of THB 2,022 million.

In addition, PTTEP will approve a cash dividend payment at the rate of ฿2.25/share to be paid on August 23, 2019. The ex-dividend date will be on August 7, 2019.